KALPATARU LIMITED HAS FILES DRHP WITH SEBI

KALPATARU LIMITED FILES DRHP WITH SEBI

DRHP Link: https://www.icicisecurities.com/Upload/ArticleAttachments/Kalpataru%20Limited_DRHP.pdf

Mumbai, 15th August 2024 (GNI): Kalpataru Limited has filed its Draft Red Herring Prospectus (“DRHP”) with market regulator Securities and Exchange Board of India (“SEBI”). Kalpataru Limited is a prominent real estate developer in the Mumbai Metropolitan Region (“MMR”) in Maharashtra and are present across all micro-markets in the MMR (Source: Anarock Report). The company is an integrated real estate development company involved in all key activities associated with real estate development, including the identification and acquisition of land (or development rights thereto), planning, designing, execution, sales, and marketing of their projects.

The company’s initial public offering comprises a fresh issue of up to ₹ 15,900 million.

The company proposes to utilize the net proceeds towards repayment/pre-payment, in full or in part, of certain borrowings availed by the Company and their Subsidiaries; and general corporate purposes.

ICICI Securities Limited, JM Financial Limited and Nomura Financial Advisory and Securities (India) Private Limited are the Book Running Lead Managers to the issue.

About the company: Kalpataru Limited focus on the development of luxury, premium, and mid-income residential, commercial, and retail projects, integrated townships, lifestyle gated communities, and redevelopments. For their residential developments, the company build and sell a wide range of properties including villas, duplexes, apartments, and plots of varying sizes, with a primary focus on luxury, premium, and mid-income residential real estate.

As of March 31, 2024, Kalpataru’s ongoing projects comprised approximately 22.02 msf of Developable Area. Further, as of March 31, 2024, their forthcoming projects comprised approximately 19.93 msf of developable area, and are expected to launch across the Financial Years 2025, 2026 and 2027 in various phases. Kalpataru’s ongoing projects and the pipeline of forthcoming projects offer a significant competitive advantage to them. While a majority of the company’s projects are located in the MMR and Pune, Maharashtra, they have two ongoing projects in Hyderabad, Telangana and Noida, Uttar Pradesh; one forthcoming project in Nagpur, Maharashtra; and three pieces of land comprising Land Reserves in Surat, Gujarat; Nagpur, Maharashtra; and Udaipur, Rajasthan.

For the calendar years 2019 to 2023, the MMR was ranked first among the top seven Indian markets (MMR (Maharashtra), Pune (Maharashtra), Bengaluru (Karnataka), Hyderabad (Telangana), the National Capital Region, Chennai (Tamil Nadu) and Kolkata (West Bengal)) in terms of supply, absorption and average base selling price (Source: Anarock Report). Kalpataru Limited is the fifth largest developer in the MCGM area in Maharashtra and the fourth largest developer in Thane, Maharashtra in terms of units supplied from the calendar years 2019 to 2023 (Source: Anarock Report). As of March 31, 2024, the company (together with their Promoters) had a total of 113 completed projects aggregating to more than 24.10 msf of Developable Area within Mumbai, Thane, Panvel and Pune in Maharashtra, and Hyderabad, Indore, Bengaluru, and Jodhpur in the states of Telangana, Madhya Pradesh, Karnataka and Rajasthan, respectively.

Kalpataru Limited is led by their Promoters, Mr. Mofatraj P. Munot and Mr. Parag M. Munot, who have experience of more than five and three decades, respectively, in the real estate industry. The company is a member of the Kalpataru group of companies, consisting of their Company, Kalpataru Projects International Limited, Property Solutions (India) Private Limited, Shree Shubham Logistics Limited (collectively, the “Kalpataru Group”). The Kalpataru Group was established in 1969 by Mr. Mofatraj P. Munot and has a legacy of 55 years. The Kalpataru Group has a multi-national presence and has operations in EPC contracting for power transmission and distribution, oil and gas, railways, civil infrastructure projects, warehousing and logistics, and facility management. Further, Kalpataru Projects International Limited is listed on the NSE and BSE. As of March 31, 2024, the Kalpataru Group had more than 27,000 employees globally and a footprint in 73 countries. Kalpataru Limited benefit from the Kalpataru Group’s reputation and expertise in the construction and infrastructure sector, and their end-to-end-execution capabilities and innovation are strengthened by such affiliation. The company also believe that their derive synergies from the Kalpataru Group’s expertise and experience in adjacent offerings such as EPC, civil infrastructure construction, and facility management, among others.ends GNI